Getting the balance right

elantan
elantan Posts: 21,018 Forumite
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edited 13 July 2022 at 11:07AM in Mortgage-free wannabe
Hi all, 

Long time no see, its been a crazy time for us all and for me keeping a diary was not up there with things that must be done. I still feel at home here in MFW land so if you dont mind i will stick around for a bit :) 

Will give you a quick run down of the story so far, some of it you will know some of it will be new to you, then I plan on moving forward with my journey as retirement is approaching faster than i can afford and there's not much to be gained on focusing on things that cant be changed :smile:  

Here goes

Started here ohhh years ago now, originally trying to get out of debt and learn how to survive, as i slowly got a hold of the basics the plan morphed into turning my finances around, not only could i think about being debt free but could i, could i dare to dream of paying off my mortgage and maybe actually having some savings? Dare i did and slowly we turned the money situation around, we paid off the mortgage and started to have savings.

Once we did that the plan morphed again into retiring early and that is where we currently are. We've had ups and downs along the way, in my last diary i had heard news of something that would have a profound and lasting effect on my family, i landed up having a bit of a breakdown because of it and i'm not sure i have or will ever fully get over it to be honest,  relationships have broken down never to be mended but we move on.

After that we had covid, that was another hard time for all of us and i'm positive many have had the worst time of their lives through it, i worked it and with very fragile mental health and the job i did it had a huge effect on me, thankfully i have the best friends in the world that got me out and cared in ways only friends can do. 

Then just to top it off after two years i caught covid and 4 months later I am still recovering having just returned to work but still struggling with breathing and tiredness. Once again my friends kept me sane and slowly i started recovering till i caught a chest infection which knocked me back, I am back to recovering again and slowly making progress. I'm not getting out to my hills and much as i love, the idea of backpacking up a hill and camping its too much for me just now, i am managing low level small walks and swimming outdoors with a tiny bit of kayaking, but it isn't at the same effort as before and it is tiring me out if i do too much, taking me a day or so to recover when i push myself in what i don't think is too much, in fact it feels less than my old normal, but it's more than i'm able 

So there we are, all up to date with whats been going on. 

Now it is time to get back on top of the finances, not sure if its wise to show you my budget, i know it would come in for a lot of criticism and much as i appreciate peoples input and advice (i really do) I'm not sure that there is much more i can do to it to change things. 

I think what i need is a plan moving forward, where should i put focus on my journey? So many things need improvement, my outgoings, my income, my health, my house needs improvement, i need a new car, i need a big holiday to look forward to, i also need to look after my head space, i need to get ready for retirement, the list is endless really. I'm looking to get the balance right for myself and family. 
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Comments

  • Karmacat
    Karmacat Posts: 39,460 Forumite
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    Hello El!  Well yes, I'm with Squirrelz - these are very testing times you've been through.  Maybe one exciting part of your diary could be you learning to be kind to yourself ***airkisses in El's direction**

    And I love a big plan!  I've realised that I like them because I can always do what I feel like doing, fairly secure in the knowledge that it will add to the greater journey :) 

    Subscribed :) 
    2023: the year I get to buy a car
  • edinburgher
    edinburgher Posts: 13,457 Forumite
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    I'd share the budget. I did so a while back and got a well deserved kick up the bahookie :)
  • elantan
    elantan Posts: 21,018 Forumite
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    edited 13 July 2022 at 6:31PM
    I'd share the budget. I did so a while back and got a well deserved kick up the bahookie :)
    Ok  you did ask, 

    income £4.1k  2 adults only living in the house

    £1,600 retirement planning
    £550 food/alcohol/takeaway/eating out (this isnt enough and we go over it every month) 
    £250 council tax
    £240 gas and electric
    £225 diesel
    £200 big holiday
    £200 house repairs/ decorating/doing up
    £150 new car
    £100 son
    £100 car repairs
    £50 M.O.T
    £75 credit card ( currently owe £975)
    £75 house insurance etc
    £70 Broad band and house phone 
    £ 40 (2) mobile phones
    £40 union fees
    £20 gym
    £15 computer
    £25 professional fees
    £20 xmas
    £20 dentist/glasses
    £15 birthdays
    £20 new caravan

    Things not accounted for 
    Caravan breaks, fun days out, hill walking, kayaking, gardening, clothes, haircuts, appliance replacement, amazon buys

  • edinburgher
    edinburgher Posts: 13,457 Forumite
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    So you spend everything and the stuff underneath takes you into a deficit?
  • elantan
    elantan Posts: 21,018 Forumite
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    edited 13 July 2022 at 7:34PM
    So you spend everything and the stuff underneath takes you into a deficit?
    The stuff underneath gets no money put towards it sadly but i feel we should be budgeting for it cause they will need money at some point and we do spend on amazon and days out and have recently had a caravan break costing a fortune, we do go over the budget every month though on these spends hence the credit card bill and any savings used up
  • savingholmes
    savingholmes Posts: 27,283 Forumite
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    Welcome back. Nice to 'see' you again. Sorry things have been rough. Well done on the mortgage pay off and the FIRE dream. Subscribed.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works £11.1K
    3) CC £2.5K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • elantan
    elantan Posts: 21,018 Forumite
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    Welcome back. Nice to 'see' you again. Sorry things have been rough. Well done on the mortgage pay off and the FIRE dream. Subscribed.
    Thanks @savingholmes have subscribed to yours too... will be great to catch up with everyone again :) 
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